Stocks Headed for a Higher Finish as Bernanke Letter Raises Further Easing Hopes
Stocks are headed for a higher finish in trading today, with all three major indexes currently near session highs. Stocks bounced back after a weak start earlier today on hopes of further monetary easing from the Federal Reserve.
At last check, the Dow Jones was trading 0.57% higher at 13,131.84, the S&P 500 was trading 0.50% higher at 1,409.10, and the Nasdaq was trading 0.46% higher at 3,067.24.
All three major indexes turned positive after the Wall Street Journal reported that in response to questions posed by U.S. Rep. Darrel Issa, Fed Chairman Ben Bernanke wrote in a letter dated August 22 that there is a scope for further action by the Fed to ease financial conditions and strengthen the recovery.
Consumer Non-Cyclical sector is leading the gains in the S&P 500 in late trading today. At last check, the sector was trading 0.78% higher. Healthcare sector is also up sharply in late trading. At last check, the sector was trading 0.69% higher. Services sector is currently trading 0.51% higher. Conglomerates are up 0.46% in late trading, while Industrials are up 0.37%. Basic Materials sector has been the worst performer in the S&P 500 today, down 0.35% currently.
Among the major gainers and losers in late trading are Aruba Networks Inc. (NASDAQ: ARUN), which is currently trading 15.18% higher at $19.49, Autodesk Inc. (NASDAQ: ADSK), which is currently trading 15.57% lower at $30.15, MICROS Systems Inc. (NASDAQ: MCRS), which is currently trading 8.26% higher at $52.19, HEICO Corporation (NYSE: HEI), which is currently trading 6.31% lower at $35.50, and Crocs Inc. (NASDAQ: CROX), which is currently trading 7.60% higher at $17.55.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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